VIENNA--Austrian utility company Verbund AG (VER.VI) plans on
increasing its dividend in 2013 despite reporting in the first
quarter a 40% drop on the year in its group result, the company
said Thursday upon release of its first quarter earnings.
MAIN FACTS:
-For financial year 2013, Verbund plans to increase the dividend
to 1.00 euros ($1.32) per share, up from EUR0.60 in 2012.
-Verbund said the dividend increase is based on the successful
completion of the asset swap with German electric company E.ON SE
(EOAN.XE).
-The first-quarter group result decreased significantly by 40%
on the year to 77.1 million euros ($101.6 million) due to the
negative contribution of Italian Sorgenia. Sorgenia had been
impacted by an impairment loss recognised for its 39%
equity-accounted interest in Tirreno Power S.p.A., Verbund
said.
-Verbund's operating business was positively impacted in the
first quarter of 2013 by a good water supply, the company said.
-Declining electricity wholesale prices also negatively impacted
the earnings trend as did the continued difficult economic
situation for gas power plants, Verbund said.
-Earnings before interest, taxes, depreciation and amortisation
decreased by 11% on the year to EUR312.3 million and the operating
result fell by 18% to EUR233.7 million.
-Verbund said it expects its 2013 EBITDA to be approximately
EUR1 billion.
Write to the Vienna Bureau at nicole.lundeen@dowjones.com
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